A betting bankroll is your pot of money before you begin betting. This is an allocated amount of money you have set aside, sort of like a budget, specifically for placing bets with!
To separate this money, some people open an account or store it in their bookmaker account. This is where all the funds for your bets will be taken out of.
Because of this, we advise that you separate these funds from any personal finances as you should never risk more than you can afford to lose!
Managing your bankroll separately from your personal finances is crucial for multiple reasons
- Increased measurability – You can see how much you’re up or down easily as there are no personal finances and incomes mixed in with your bankroll
- Better risk management – As you are not relying on your salary to fund your bets. You are more responsible as you know these funds can go up and down. This will make you think twice before taking emotional bets
How to decide how much to put in?
It’s important to understand that whatever you put into your betting bankroll could be lost. Only risk money you can afford to lose.
A betting bank should scale depending on how much your typical bet size would be. For example, if you normally average a bet size of £5, it wouldn’t make sense to have a betting bank of £100,000, if you had a bet size of £200.00, having only £500.00 would not make sense either!
As a rough guide, we advise you to have a betting bank roughly the size of 50 times your average stake. The betting bank should be in relation to your stakes, if your betting bank becomes more than you can afford to lose, you need to reduce your average bets!
Managing and keeping track of your betting activity
Keep in mind your initial betting bankroll deposit and use that to compare if you’re betting too much or too little. It is important that you track every bet you have placed so you can make better and informed decisions.
If you are losing, it is best not to chase your losses, you can read more about that here
Where should I store my betting bankroll?
Don’t store all your bankroll into one bookmaker account. You should always have the flexibility to quickly deposit and withdraw from multiple bookies to get the best prices.
We recommend using e-wallets like PayPal or a separate bank account.
To summarise, use the bankroll method to improve your success, risk management and so that you make more sensible decisions.
Remember that you should only risk what you can afford to lose!
Using a bankroll also helps you measure your performance much easier.